This year, many companies laid off thousands of employees. With Meta laying off 10,000 employees in April. Even amazon eliminated around 30,000 employees! Zoom also decided to lay off 15% of it’s staff.

According to the Indian data Over 36,400 people lost their jobs in India in the last couple of years. Byju’s is leading the number of layoffs with 4,000 employees losing their jobs at the company. WhiteHat Jr laid off 1,800 employees in January 2021 and then 300 in June 2022. Bytedance terminated 1,800 employees in January 2021. In June 2020, Paisabazaar let go 1,500 people, 50% of its workforce.

So in this world of layoffs and recession can be challenging, but there are some steps you can take to increase your chances of survival:

Build a strong network: In difficult times, networking is crucial. Ensure that you continue to communicate with your industry’s peers, friends, and acquaintances. Participate in conferences and events in your business, and interact with others online. You can be informed about job openings and potential possibilities by doing this.

Keep updating your skills: Update your talents to stay current in your field. Participate in training programmes, online courses, and workshops that can keep you competitive. Additionally, this may increase your appeal to potential employers.

Reduce costs: During a recession, it’s important to cut spending wherever possible. Look at your budget and identify areas where you can save. This means eating out less, spending less on entertainment, and shrinking the housing environment.

Consider freelance or commissioned work: If you’re having trouble finding full-time work, consider freelance or contract work. This allows you to earn an income while continuing to look for permanent employment. You can also use this opportunity to build your skills and network.

Maintain a positive outlook: It is very essential during difficult circumstances. Do your best to surround yourself with upbeat and encouraging people.You can also do self-care activities like exercise, meditation, and reading to keep a positive attitude.

UpSkilling is training that gives employees new skills and knowledge to help them do their jobs better. This isn’t limited to the needs of an employee’s current role, it can also be used to expand their skill set for career advancement and internal mobility. Which is a lot helpful during these economic downturn!

Keep looking for opportunities and stay optimistic!